Welcome; check out Sam's NOOB guide and be sure to replace your timing belt at 100,000 miles.
Poor performance and lots of smoke are a classic symptom of a split in either or both the turbo>intercooler>engine hoses. Pull them all the way off the vehicle; remove the woven covering; and carefully inspect the hoses particularly on the bottom side. IMHO the preferred replacements are Samcos from
http://www.boostcontroller.com/index.php?category=328 although the 2gen OEM are "supposed" to be ok. Alternatively your boost pressure soleniod has gone bad. Email me if you want instructions with a picture on how to check that. Finally the turbo variable vanes may not be working properly due to soot buildup and the fix for that is an "Italian" tuneup which is simple get the engine up to operating temperature and than do several full throttle acceleration runs up a slope like an interstate on ramp. Check these out and I imagine you will find a fix. Generally the turbo works fine with little attention, other than an occasional Italian tuneup to keep the vanes free, unless the shaft bearing fails and you will have no doubt if that happens. Best way to avoid bearing failure is to use the proper diesel rated synthetic oil, keep oil & filter (don't use no name cheap filters) change intervals IMHO down to ca. 6,000 mile intervals, and follow the owner's manual turbo cool down procedures all the time.
PS - while the hoses are off the vehicle check the air box to turbo hose for a split on the bottom just in front of the turbo and below where the CCV dumps oil vapor into that hose. If split OEM is the only option and last I looked cost was about $60.
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